MILAN: The first Milan Fashion Week without Giorgio Armani marks the end of an era in Italian luxury, at a time when houses across the sector are already in transition.

After defending his independence throughout his life, the legendary designer, who died this month aged 91, has entrusted his heirs with the task of selling his group.

He cited French companies L’Oreal and LVMH as potential buyers of his multi-million-euro empire, which spans from hotels to haute couture, as well Franco-Italian eyewear giant EssilorLuxottica. Failing that, his will states the company should be listed on the stock market.

This year also saw the departure of Donatella Versace from the house she ran for three decades, shortly before it was acquired by Prada. “These are the last years of the first generation of Italian designers.

We’re in the middle of a major reshuffle,” the manager of a major Milanese house said this week on the margins of fashion week. Roberto Cavalli, the king of sexy dresses and animal prints since the 1970s, also died last year.

But his company had since 2019 belonged to an Emirati conglomerate — reflecting a wider trend. In 2012, 76.8 percent of Italian fashion companies with annual revenues exceeding 50 million euros were still managed by the founding family. This fell to 57 percent in 2022, according to a survey by the Aub Observatory published in 2024.

Published in Dawn, September 28th, 2025